I'm looking to get into the ATM placement business in the next 2 months and finishing up my due diligence hoping to learn anything from anyone with experience.
Thanks.
Thanks.
Anyone in the ATM Placement Biz?
- Thread starter dirty_larry
- Start date
post the info you came up on.......please.....
There is a ton of information to cover, which I would be more than happy to do on a question answer basis. Once I finish the process I'll have time to sit down and write a few hundred pages, but for now please ask and I will respond.
The most important thing I found was that anyone can own and operate an ATM. (well you can't have a felony attached to you. federal banking laws prohibit a felon from operating or participating in the banking business.)
The business as far as I know from research, as I haven't placed my first machine yet, is that you find a processing company to handle your transactions, a location willing to let you place your ATM, buy an ATM, install the ATM, put YOUR cash in the ATM. (in that order)
There are franchise opportunities available, but most people that I spoke to already in the business say go it alone finding the processor that offers the highest payout to you.
The most important thing I found was that anyone can own and operate an ATM. (well you can't have a felony attached to you. federal banking laws prohibit a felon from operating or participating in the banking business.)
The business as far as I know from research, as I haven't placed my first machine yet, is that you find a processing company to handle your transactions, a location willing to let you place your ATM, buy an ATM, install the ATM, put YOUR cash in the ATM. (in that order)
There are franchise opportunities available, but most people that I spoke to already in the business say go it alone finding the processor that offers the highest payout to you.
There is a ton of information to cover, which I would be more than happy to do on a question answer basis. Once I finish the process I'll have time to sit down and write a few hundred pages, but for now please ask and I will respond.
The most important thing I found was that anyone can own and operate an ATM. (well you can't have a felony attached to you. federal banking laws prohibit a felon from operating or participating in the banking business.)
The business as far as I know from research, as I haven't placed my first machine yet, is that you find a processing company to handle your transactions, a location willing to let you place your ATM, buy an ATM, install the ATM, put YOUR cash in the ATM. (in that order)
There are franchise opportunities available, but most people that I spoke to already in the business say go it alone finding the processor that offers the highest payout to you.
The most important thing I found was that anyone can own and operate an ATM. (well you can't have a felony attached to you. federal banking laws prohibit a felon from operating or participating in the banking business.)
The business as far as I know from research, as I haven't placed my first machine yet, is that you find a processing company to handle your transactions, a location willing to let you place your ATM, buy an ATM, install the ATM, put YOUR cash in the ATM. (in that order)
There are franchise opportunities available, but most people that I spoke to already in the business say go it alone finding the processor that offers the highest payout to you.
Hit pretty large road-block this weekend.
Because the ATM business model is so liquid, finding financing to start-up a business is going to be very difficult. Banks do not like lending cash that will not purchase anything or so I am being told.
I'll post once I solve this problem. The easy answer is a hard money loan (think mob style interest rates), but that's expensive especially not knowing when the business will be able to support repaying the debt in full.
If you are independently wealthy and in the business of loaning start-up business loans. Please let me know.
Because the ATM business model is so liquid, finding financing to start-up a business is going to be very difficult. Banks do not like lending cash that will not purchase anything or so I am being told.
I'll post once I solve this problem. The easy answer is a hard money loan (think mob style interest rates), but that's expensive especially not knowing when the business will be able to support repaying the debt in full.
If you are independently wealthy and in the business of loaning start-up business loans. Please let me know.
Subbed. Interesting to read. Good luck bruh.
Thanks, Fam. I'm looking at the ACFN franchise. I was going to go at it alone but I travel alot for my primary job and don't have time to find locations. I tried looking for a locator service but didn't find any.
Was just at an event a couple of weeks ago. Saw 4 ATM's where peeps could get cash, located RIGHT next to the food vendors. And of course, the food vendors only take cash. 
Nice hustle if you can get it. $3.50 per transaction. I know they had to have like 100 transactions per machine per day, so...
$3.50 x 100 = $350 x 4 = $1400 for doing nothing but giving people money.
Hire a secured and bonded service to place the machines and keep em filled, maybe $400 for the whole weekend?
Catch is, you need liquid money like the above poster said. Figure $10k per machine in $20's. That way 500 people can take out $100 each, but since most people take out less than that, it should last about a week or so.
Best place to put them is up-and-coming cities.
Nice hustle if you can get it. $3.50 per transaction. I know they had to have like 100 transactions per machine per day, so...
$3.50 x 100 = $350 x 4 = $1400 for doing nothing but giving people money.
Hire a secured and bonded service to place the machines and keep em filled, maybe $400 for the whole weekend?
Catch is, you need liquid money like the above poster said. Figure $10k per machine in $20's. That way 500 people can take out $100 each, but since most people take out less than that, it should last about a week or so.
Best place to put them is up-and-coming cities.
Thanks for looking out!!!
That is one of the lines of action for my company, but behind the usual suspects, convenient stores, hotels, restaurants, bars, etc... To get into an event like you describing is a great periodic gig and the numbers work. I just don't have the manpower right now as I'm trying to get off the ground.
I am researching now to be my own ISO and supplier for ATMs, c/c machines, etc. If you know of someone wanting to break-into the business let me know and I'll be offering everything I've learned and of course a BGOL discount on equipment. (My acct is not going to like that.)
You sound like you know the ATM business model. Are you in the business or similar?
How do you classify up and coming cities AND once that criteria is set where do you go research them?
That is one of the lines of action for my company, but behind the usual suspects, convenient stores, hotels, restaurants, bars, etc... To get into an event like you describing is a great periodic gig and the numbers work. I just don't have the manpower right now as I'm trying to get off the ground.
I am researching now to be my own ISO and supplier for ATMs, c/c machines, etc. If you know of someone wanting to break-into the business let me know and I'll be offering everything I've learned and of course a BGOL discount on equipment. (My acct is not going to like that.)
You sound like you know the ATM business model. Are you in the business or similar?
How do you classify up and coming cities AND once that criteria is set where do you go research them?